Among many Wall Street companies there is one that started seeing cryptocurrencies in a different light. Goldman Sachs is launching a trading desk to create virtual currency markets, as people familiar with the strategy said.
The plan is to set the business afoot till next July or sooner, these people said. According to one of them the company keeps working on security problems and the way the assets would be stored.
Thus Goldman Sachs is about to become the trailblazer for other Wall Street companies in an attempt to create digital currency markets, as cryptocurrencies demonstrated massive price ups and downs and the values that have mesmerized people but made some take time to deliberate and found institutions.
The company is gathering a team in NY, these people said. At the moment it hasn’t been decided yet where to house the desk, it’s probable that it’ll work inside the FICC division’s trading function, which makes electronic transactions, two of the people said.
The bank’s strategic investment department’s Darren Cohen, is researching possible options as well, according to one of these people.